Guolian Securities·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.24 HKD, based on the current price of 37.20 HKD [8]. Core Insights - The company reported a revenue of 38.932 billion CNY for 2023, representing a year-on-year growth of 10.40%, and a net profit attributable to shareholders of 5.153 billion CNY, which is an 18.62% increase compared to the previous year [2][6]. - The beer business achieved a sales volume of 11.151 million kiloliters in 2023, with a slight increase of 0.5%. The average price per ton of beer rose by 4.03% to 3,305.98 CNY, driven by product upgrades and increased sales of premium products [3][4]. - The company is actively implementing cost reduction and efficiency improvement measures, resulting in a gross margin of 40.16% for the beer business, an increase of 1.7 percentage points year-on-year [4]. - The white liquor segment generated a revenue of 2.067 billion CNY with an EBIT of 130 million CNY, indicating a focus on appealing to younger consumers through new product offerings [5]. Financial Summary - The company forecasts revenues of 41.974 billion CNY, 44.679 billion CNY, and 47.306 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.81%, 6.44%, and 5.88% [6][7]. - The projected net profits for the same years are 6.128 billion CNY, 7.131 billion CNY, and 7.850 billion CNY, with growth rates of 18.91%, 16.37%, and 10.08% [6][7]. - The report provides an EPS forecast of 1.89 CNY, 2.20 CNY, and 2.42 CNY for 2024, 2025, and 2026, respectively [6][7].